< Back to S. 2758 (108th Congress, 2003–2004)

Text of the Legislative Branch Financial Accountability Act of 2004

This bill was introduced on July 22, 2004, in a previous session of Congress, but was not enacted. The text of the bill below is as of Jul 22, 2004 (Introduced).

Source: GPO

S 2758 IS

108th CONGRESS

2d Session

S. 2758

To provide for certain financial reporting requirements to apply to the legislative branch of the Federal Government, and for other purposes.

IN THE SENATE OF THE UNITED STATES

July 22, 2004

Mr. FITZGERALD introduced the following bill; which was read twice and referred to the Committee on Rules and Administration


A BILL

To provide for certain financial reporting requirements to apply to the legislative branch of the Federal Government, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Legislative Branch Financial Accountability Act of 2004’.

SEC. 2. CONGRESS.

    (a) IN GENERAL- The Senate and the House of Representatives each shall annually have a financial statement prepared in accordance with United States generally accepted accounting principles, and have the statement independently audited, for the preceding calendar year covering all the accounts and associated activities of the Senate and the House of Representatives, respectively.

    (b) FINANCIAL STATEMENT- Each financial statement shall reflect the organizational structure of the Senate and House of Representatives, respectively, and shall cover accounts and financial information for all entities of the Senate and House of Representatives, respectively. Joint activities shall be reflected in the financial statement of a House of Congress to the extent that the House funds the activities.

SEC. 3. AGENCIES.

    (a) IN GENERAL- Each agency under subsection (b) shall annually have a financial statement prepared in accordance with United States generally accepted accounting principles, and have the statement independently audited, for the preceding fiscal year covering all the accounts and associated activities of the agency.

    (b) The agencies referred to under subsection (a) are the--

      (1) Library of Congress;

      (2) Congressional Budget Office;

      (3) Government Accountability Office;

      (4) Government Printing Office;

      (5) United States Botanic Garden;

      (6) Architect of the Capitol;

      (7) United States Capitol Police; and

      (8) any other entity of the legislative branch established by Congress and not required by statute to have annual financial statements independently audited.

SEC. 4. REPORT.

    (a) IN GENERAL- Not later than 90 days after the date of enactment of this Act, a report described under subsection (b)--

      (1) shall be submitted by the Committee on Rules and Administration of the Senate, with respect to the entities of the Senate, to the Committee on Governmental Affairs of the Senate;

      (2) shall be submitted by the Committee on Administration of the House of Representatives, with respect to entities of the House of Representatives, to the Committee on Government Reform of the House of Representatives; and

      (3) shall be submitted by each legislative agency or entity under section 3 to the--

        (A) Committee on Rules and Administration of the Senate and the Committee on Governmental Affairs of the Senate; and

        (B) Committee on Administration of the House of Representatives and the Committee on Government Reform of the House of Representatives.

    (b) CONTENT- Each report under subsection (a) shall include--

      (1) a plan for implementation of this Act, including whether the establishment of an office is necessary to carry out this Act; and

      (2) recommendations, including legislative actions and amendments to this Act, if necessary, to effectively carry out this Act.

SEC. 5. PREPARATION AND AUDIT OF STATEMENTS.

    (a) PREPARATION-

      (1) CONGRESS- Not later than 60 days after the submission of the report under section 4, the majority leader of the Senate in consultation with the minority leader of the Senate, and the Speaker of the House of Representatives in consultation with the minority leader of the House of Representatives, shall establish offices in the Senate and the House of Representatives, respectively, that shall prepare the financial statements for each House required by this Act in accordance with United States generally accepted accounting principles.

      (2) LEGISLATIVE AGENCIES AND ENTITIES- Not later than 60 days after the submission of the report under section 5, the head of each legislative agency or entity shall designate an individual or establish an office that shall prepare the financial statements required by this Act in accordance with United States generally accepted accounting principles.

    (b) AUDIT- With respect to the financial statements of each House of Congress and each legislative agency or other entity, the majority leader of the Senate in consultation with the minority leader of the Senate, the Speaker of the House of Representatives in consultation with the minority leader of the House of Representatives, and the head of each legislative agency or other entity, respectively, shall provide, by contract, for an independent audit of the financial statements required by this Act in accordance with generally accepted government auditing standards. Not later than 45 days after the end of the applicable fiscal year, whether calendar or fiscal, and each year thereafter, each House of Congress and head of legislative agency or entity shall complete and make available to the public the independently audited financial statement.

SEC. 6. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated such sums as may be necessary to carry out this Act in fiscal year 2005, and each fiscal year thereafter.

SEC. 7. EFFECTIVE DATES.

    (a) IN GENERAL- Sections 2 and 3 shall take effect in the applicable fiscal year, whether calendar or fiscal, during which the office referred to in section 5 is established.

    (b) ADMINISTRATIVE PROVISIONS- Sections 1, 4, 5, and 6 shall take effect on the date of enactment of this Act.